QED makes its first African investment, backing Nigerian fintech TeamApt in $50M+ deal

QED Investors, a U.S. fintech-focused venture capital firm, has led a new investment in TeamApt, a Nigerian fintech that provides business payments and banking platforms. The investment was over $50 million, according to sources familiar with the matter, though neither QED nor TeamApt would confirm the figure.
Existing investors from the company’s Series B last year (Crunchbase pegs it at $30 million+) — Lightrock, BII, and Novastar Ventures — all participated in this round.
While TeamApt wouldn’t prescribe any ‘letter’ to this latest round, it can perhaps be described as a pre-Se

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